CITIZENS FINANCIAL GROUP INCRI
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Performance
Key Highlights
Net income decreased $48 million and $311 million for the three and nine months ended September 30, 2024, respectively, with earnings per diluted common share down $0.08 to $0.77 and down $0.58 to $2.20 compared to the same periods in 2023.
Results reflect notable items of $10 million or $0.02 per diluted common share, net of tax benefit, for the three months ended September 30, 2024, compared to $18 million or $0.04 per diluted common share, net of tax benefit, for the same period in 2023. For the nine months ended September 30, 2024, notable items were $87 million or $0.19 per diluted common share, net of tax benefit, as compared to $120 million or $0.25 per diluted common share, net of tax benefit, for the same period in 2023.
| Table 1: Notable Items | |||||
|---|---|---|---|---|---|
| Three Months Ended September 30, 2024 | |||||
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $532 | $— | ($2) | $— | $534 |
| Noninterest expense | 1,259 | 2 | 9 | — | 1,248 |
| Income tax expense | 88 | — | (3) | — | 91 |
| Three Months Ended September 30, 2023 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $492 | $— | $— | $— | $492 |
| Noninterest expense | 1,293 | 8 | 14 | — | 1,271 |
| Income tax expense | 119 | (2) | (2) | — | 123 |
| Nine Months Ended September 30, 2024 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment(3) | Underlying results (non-GAAP) |
| Noninterest income | $1,602 | $— | $5 | $— | $1,597 |
| Noninterest expense | 3,918 | 8 | 84 | 40 | 3,786 |
| Income tax expense | 272 | (2) | (28) | (10) | 312 |
| Nine Months Ended September 30, 2023 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $1,483 | $— | $— | $— | $1,483 |
| Noninterest expense | 3,895 | 99 | 62 | — | 3,734 |
| Income tax expense | 406 | (26) | (15) | — | 447 |
(1) Includes integration related costs associated with acquisitions.
(2)Primarily includes our TOP revenue and efficiency initiatives for the three and nine months ended September 30, 2024 and 2023.
(3)Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
Net income available to common stockholders decreased $56 million and $327 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.
On an Underlying basis, net income available to common stockholders of $354 million and $1.1 billion for the three and nine months ended September 30, 2024, respectively, compared with $418 million and $1.5 billion for the same periods in 2023.
On an Underlying basis, earnings per diluted common share of $0.79 and $2.39 for the three and nine months ended September 30, 2024, respectively, compared to $0.89 and $3.03 for the same periods in 2023.
Total revenue decreased $113 million and $413 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by decreases of 10% and 11%, respectively, in net interest income.
The efficiency ratio of 66.2% and 67.3% for the three and nine months ended September 30, 2024, respectively, compared to 64.2% and 62.5% for the same periods in 2023.
On an Underlying basis, the efficiency ratio of 65.6% and 65.1% for the three and nine months ended September 30, 2024, respectively, compared to 63.1% and 59.9% for the same periods in 2023.
ROTCE of 9.5% and 9.6% for the three and nine months ended September 30, 2024, respectively, compared to 12.0% and 12.9% for the same periods in 2023.
On an Underlying basis, ROTCE of 9.7% and 10.5% for the three and nine months ended September 30, 2024, respectively, compared to 12.5% and 14.1% for the same periods in 2023.
Tangible book value per common share of $33.54 increased 9% from December 31, 2023.
For additional information regarding our financial performance, see “Results of Operations.”
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.